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Milei Signs DNU to Expedite IMF Deal with 10-Year Term, 4.5-Year Grace Amid Criminal Complaint

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Updated Mar 12, 2025, 10:46 PM

Argentine President Javier Milei has signed an emergency executive decree, known as a Decreto de Necesidad y Urgencia (DNU), to expedite a new agreement with the International Monetary Fund (IMF). The decree, published in the Official Gazette, enables the government to negotiate a deal under an Extended Fund Facility (EFF) program, which includes a 10-year repayment term and a 4.5-year grace period. The agreement aims to refinance Argentina's existing debt with the IMF, which stands at approximately $44 billion from a 2018 loan, and to help manage the country's financial obligations. The funds from the new agreement will be used to cancel non-transferable dollar bonds held by the Central Bank, covering upcoming debt payments to the IMF. During the grace period, over $18,000 million will be 'covered' with funds from the IMF, with $5,500 million allocated for refinancing during Milei's term and $8,900 million designated for interest payments. Opposition lawmakers from the Union for the Homeland have filed a criminal complaint against Milei, alleging abuse of authority and violation of public official duties. They argue that the use of a DNU bypasses the need for congressional approval, which they claim is required by law for such agreements. Additionally, former President Mauricio Macri criticized the move, stating it demonstrates institutional weakness. Despite the opposition's criticism, the government is moving forward with the agreement, with the DNU set to be reviewed by the Permanent Bicameral Commission of Congress. The decree's implementation has been criticized for bypassing democratic processes.

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#Javier Milei #International Monetary Fund #IMF #Official Gazette #Extended Fund Facility #EFF #Argentina #Central Bank #Milei #Union for the Homeland #Mauricio Macri

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Sources

ambito.com(8)lanacion.com.ar(4)derechadiario.com.ar(3)cronista.com(3)

Joaquín López-Dóriga

@lopezdoriga

The Argentine Chamber of Deputies promotes the creation of an investigative commission against President Javier Milei in the case of the 'cryptofiasco' $LIBRA https://t.co/6D35Fb6HDH

Juan Pablo Olsson Argumedo

@OlssonJuanPablo

🚨 What happened in the Chamber of Deputies is very serious: At today's Special Session in the National Congress, there was a quorum to remove the Extraordinary Powers from President Javier Milei. Libertarian deputies Oscar Zago and Lisandro in a desperate slap of suffocation... https://t.co/ndmjFWPE6G

EL PAÍS América

@elpais_america

🇦🇷 Milei is authorized by decree to take on debt with the Monetary Fund The opposition warns that any new indebtedness must go through the Argentine Congress ✍🏼 @frivasmolina https://t.co/t3CTBTn6vQ